return icon Vietnamnet.vn

Vietnam budget transparency score in 2019 significantly improved: OBS 2019

Overall, Vietnam is ranked 77 out of 117 countries and territories, up 14 places against 2017.

Vietnam’s budget transparency score in 2019 significantly increased to 38 out of the maximum of 100, 23 points higher than the previous assessment in 2017, according to the Open Budget Survey (OBS).

 The transparency score for Vietnam over time. Source: OBS 2019. 

The country scored 11 out of 100 in public participation and 74 in budget oversight, four and two points higher than in 2017, respectively.

Overall, Vietnam is ranked 77 out of 117 countries and territories, up 14 places against 2017.

The OBS 2019 suggested Vietnam has increased the availability of budget information, by publishing the executive’s budget proposal, the citizens budget and audit report online in a timely manner, as well as increasing the information provided in the in-year reports.

 Source: OBS 2019. 

However, the country should produce and publish a mid-year review online in a timely manner, which includes revised projections for the full fiscal year for expenditures, revenues, and debt.

Among measures to improve budget transparency, the OBS 2019 said the Ministry of Finance (MoF) should include in the executive's budget proposal additional details and information, such as prior year outcomes for expenditures and revenues (at least two years before the budget year), a complete macroeconomic forecast, and information on fiscal risks such as extra-budgetary funds, contingent liabilities, and the financial and non-financial assets held by the government.

The MoF is expected to improve the comprehensiveness of the pre-budget statement by including information on anticipated borrowing and debt for the upcoming year.

While Vietnam’s public participation score remained low, it is recommended that the MoF should pilot mechanisms to engage the public during budget formulation and to monitor budget implementation.

It is also essential that the finance ministry should actively engage with vulnerable and underrepresented communities, directly or through civil society organizations representing them.

In response to the OBS 2019 result, the MoF said it is committed to ensure greater transparency in state budget, while applying IT during the budget management for wider public participation.

The Open Budget Survey (OBS) is the world’s only independent, comparative and fact-based research instrument that uses internationally accepted criteria to assess public access to central government budget information; formal opportunities for the public to participate in the national budget process; and the role of budget oversight institutions such as the legislature and auditor in the budget process. Hanoitimes

Ngoc Thuy

Four-month State budget revenue posts drop as Gov’t offers tax relief

Four-month State budget revenue posts drop as Gov’t offers tax relief

The State budget revenue in January – April was estimated to total VND491.38 trillion (US$21.18 billion), representing a drop of 5.9 per cent against...

Budget overspending looks likely

Budget overspending looks likely

The Ministry of Finance forecast a budget overspending at 5-5.1 percent of gross domestic product (GDP) this year, about 1.5-1.6 percentage points higher than the Government’s plan due to the impacts of the COVID-19 pandemic.

MORE NEWS

Muoi Sau sweet soups- the quintessence of Hanoi’s nosh

Muoi Sau (Sixteen) Dessert Soup Stall in Hanoi’s downtown is a well-known place for those who love the sweetness of Hanoi desserts.

Leading cueists gather in HCM City for Billiard World Cup 3-Cushion 2022

The world’s leading cueists have returned to Ho Chi Minh City for the Billiard World Cup 3-Cushion 2022 after the tournament was postponed for the two years due to the COVID-19 pandemic.

Control inflation to protect the poor

President Nguyen Xuan Phuc has said that the economic stimulus package needs to be “brought into life” to help people and businesses, and that inflation should not be allowed to “sweep the poor away”.

VIETNAM BUSINESS NEWS MAY 27

Vietnam to have 184 fishing ports by 2050: draft plan

Omicron subvariants under close scrutiny in Vietnam

The Vietnamese Ministry of Health said it is closely monitoring the emergence of new sub-lineages of the Omicron variant that causes the COVID-19 disease worldwide to promptly adopt control measures if they are reported in Vietnam.

Vietnam elected as member of two ESCAP Regional Center Executive Councils

Two Vietnamese agencies have won election to the Executive Councils of the UN Statistical Institute for Asia and the Pacific and Centre for Sustainable Agricultural Mechanisation under the UN Economic and Social Commission for Asia and the Pacific.

VIETNAM NEWS HEADLINES MAY 27

Dien Bien rushes to evacuate 26 more households over landslide risk

Shelter cares for 20 breast cancer patients in HCM City

No longer allowed to stay in a hospital, a breast cancer patient sold her house to rent and provide a shelter for 20 patients coming from all over the country to Ho Chi Minh City for chemotherapy and radiation treatment.

G&P Global Ratings raises Vietnam’s sovereign credit rating

The S&P Global Ratings on May 26 raised its long-term sovereign credit rating on Vietnam to “BB+” with a “stable” outlook on the back of strong economic recovery, according to the Ministry of Finance.

Domestic airlines offer millions of tickets for summer travel season

Anticipating that travel demand during the upcoming summer will rise sharply, and even higher than the pre-pandemic levels, local carriers are offering millions of air tickets.

American doctor’s endless love for Vietnamese ethnic minority cultures

When listening to him talk for hours and hours about the objects he found by chance on trips to different mountainous regions, it is easy to see Mark Rapoport's passion for the ethnic groups of Vietnam.

Two new Viettel inventions granted exclusive protection certificate in the US

Viettel Aerospace Institute (VTX), a member of Viettel Group, was officially granted an exclusive protection certificate by the US Patent and Trademark Office (USPTO) for two works in the field of optoelectronics and materials industry.

SEA Games 31 fuels recovery of local tourism industry

The hosting of the recent 31st Southeast Asian Games (SEA Games 31) between May 12 and May 23 can be viewed as a golden chance for the local tourism industry to recover after months of little activity due to the impact of the COVID-19 pandemic.

HCM City Mayor shows concerns as doctors turn from ‘heroes’ to ‘violators’

With great efforts in the fight against Covid-19, medical workers have been honored as heroes.

Stopping the licensing of new airlines, restricting the expansion of fleets

Controlling the number of new airlines until the market recovers and restricting licensing to expand fleets in the immediate time are solutions proposed by the State Capital Management Commission (SCMC).
back_to_top